Cyber Insurance - Setting the scene - The Scene

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Cyber Insurance Setting the scene

Cyber InsuranceSetting the sceneKoen Van Loo1

Koen Van Loo

Who am I?Koen Van Loohttps://about.me/koenvanloo

2004-2016 CIO @ ADMB2007-2016 CISO @ ADMB

Follow me on @kvl0 (i.e. K-V-L-Zero)Ask your questions!

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A Cyberwar is going on...3

http://newsmonkey.be/article/66658

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Trends in four data breach cost components 4

Ponemon Institute Research Report

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Question 1How many organisations have done a Security Audit/Assessment?5

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Question 2How many organisations have a Cybercrime Insurance?6

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What is a Cyber Insurance?

Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.

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What is Cyber crime?8Business Disruption and MisuseOnline ScamsTheft and FraudDDOSPhishingIdentity TheftMalware Spear PhishingTheft from BusinessSoftware PiracyPharmingIP TheftEspionageSpoofingCustomer Data TheftExtortionPurchase FraudFiscal Fraud

https://www.be.capgemini.com/resource-file-access/resource/pdf/Using_Insurance_to_Mitigate_Cybercrime_Risk.pdf

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Quote9

Traditional insurance is based on sometimes hundreds of years of historical data. They can look back, see where the losses came from, and they price accordingly. ... The (cyber) market is still very, very juvenile.

Garrett Droegea cyberinsurance leader

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Prevention vs Protection10

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QuoteNow into its third major phase of development, cyber insurance is no replacement for robust IT security. However, it has an important role to play as part of a holistic risk management strategy, creating a second line of defense to mitigate cyber incidents.Cyber insurance continues to evolve

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Quote

Mandatory data breach notification regulations are in part a driver for Cyber Liability Insurance Cover as the costs of notifying affected users can be extremely high.12

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Cyber and professional indemnity insurance

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Whos buying?14

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Why no disaster recovery plan? Haven't thought about itA data disaster could not happenWithstand disaster without financial lossThe perception that disaster plans are too costly to implement(Results from a Carbonite study)15https://www.flickr.com/photos/2top/9571794304

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Questions to askWhat security controls can you put into place that will reduce the premium?What assistance is provided to improve information governance and information security?What and how big a difference to your future premiums will a claim make?The security / protection industry is very fast changing, how can the insurance ensure that your policy is current?Are malicious acts by employees covered?Although ignorance of the law is no excuse, we are just not able to keep up with all the compliance issues that may affect all the territories our company works in, would you refuse a claim if you were processing data that may contravene laws in one country but not another because insurance policies often stipulate that you must not be breaking the law?What about the limitations?Could you claim if you were not able to detect an intrusion until several months or years have elapsed, so you are outside the period of the cover, (as with the Red October malware which was discovered after about five years)?...16

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Cybersecurity Assesment

https://www.flickr.com/photos/acousticskyy/439545500217

Koen Van LooIf you havent done an audit or self assessment on how cyber secure your company is, be sure to do a Google search for Cybersecurity Assessment. There are lots of good assesment onlines. They give you a good overview of the maturity level of your company on cybersecurity. That overview is a good basis to start your search for a fitting cybersecurity insurance.

Thank you!And stay secure...18

Koen Van Loo